New hotbeds of tension light up in the world. The Stock Exchanges slow down in Asia while in Europe the opening of the lists is positive almost everywhere and Milan starts with a +0,4%. Emerging markets are down 6,4% since the beginning of September. At the top, the run of the dollar continues. At six-year highs against the yen and since November 2012 against the euro, traded at 1,2625. Meanwhile, the picture of the price lists is tinged with red.
Asian stock markets are down: Hong Kong -0,9%, Shanghai -0,3%, Tokyo -1,3%. Brazil collapses (-4,5%). Down the US Stock Exchanges: the Dow Jones slipped by 0,25%, the S&P 500 by 0,2% and the Nasdaq by 0,14%. After three consecutive weeks of decline, the European stock exchanges are unable to reverse the direction of travel and even today they are experiencing a further decline, triggered by new international tensions. The London Stock Exchange recorded a drop of 0,1%, Paris -0,9%, Frankfurt -0,7%, Madrid -1,6%. In Milan, the FtseMib index fell by 1,2%. 48 hours after the ECB meeting away in Naples, the markets are called to interpret new crisis factors, both financial and geopolitical.
HONG KONG
Hong Kong: local crisis or possible contagion risk for the whole of China? The protest that engulfed the Business district of the former British colony, surrounded by tens of thousands of demonstrators, now risks being the most demanding test for the leadership of Xi Jinping, determined to defend his image as a strong man, able to manage the reforms. But the markets shudder at the idea of a new Tien an Men, with incalculable consequences for relations with the West.
Meanwhile, the beleaguered stock market slips to a three-month low. Shanghai is calmer -0,3%, also because the images of the protest were blocked by censorship. But, awaiting tomorrow's official data, the PMI edited by HSBC signals a new contraction in Beijing's economy. Difficult session also for Tokyo: weak industrial production and household consumption signal that the thrust of Abenomics is now in a waning phase.
The events in Hong Kong, one of the world's shopping capitals, have hit luxury groups. Richemont fell in Zurich by 2,15: Lvmh lost 1,53%. Prada shares held this morning (-0,63%) after the heavy declines of the last few sessions. The reflections in Piazza Affari are heavier for Ferragamo (-3,4%) , the worst blue chip and Tod's (-2,4%): both groups boast a commercial network in Hong Kong that provides substantial contributions to their respective turnovers.
BRAZIL LANDSLIPS, ONLY SHREK RIDES ON WALL STREET
Another "hot" situation, albeit less dramatic: Brazil. Bovespa closed with the worst fall -4,5% for three years after the publication of polls showing a recovery in the prices of Dilma Roussef, the outgoing president disliked by the financial community compared to the challenger Marina Silva. The real is at a six-year low.
On Wall Street, Alibaba continues to hold the court (-2,1%). The giant announced the purchase in China of Beijing Shiji Information Technology Co., a Beijing company specialized in the development of software for the hotel sector for 457 million dollars. Meanwhile, the Japanese Softbank, a large shareholder of the group led by Jack Ma, is preparing to launch a 3,4 billion takeover bid on Stevem Spielberg's DreamWorks Animation: (among the successful products, the series Shrek and Madagascar), the home of animated film production is up 17%.
TOWARDS BCRE: BTP OK AT AUCTION. BUT RATES GO UP
In Europe, anticipation has begun for Thursday's ECB meeting. The focus is on macroeconomic data from the euro area and possible central bank initiatives to stimulate recovery. Meanwhile, the inflation figure in Germany was in line with expectations: in September consumer prices for Germans rose by 0,8%, as in the previous month. The news was interpreted as a possible brake for the European Central Bank to undertake further unconventional measures to support growth, such as the much-needed Quantitative easing.
Inflation data for the entire Eurozone will be released this morning. In this context, the spread between the BTP and the Bund closed at 145 basis points and the domestic 2,42-year yield settled at 5,5%. At the auction, the Treasury placed all 5 billion euro of 10- and 2,9-year BTPs with mixed yields, receiving sustained demand on the five-year maturity, but Italy's appetite for debt also affected the 2020 billion of Ccteu expiring XNUMX.
THE POPULARS SHAKE. NEW BOD FOR MEDIOBANCA
It was a day of weakness for the banks, especially the popular ones: Banca Pop.Milano lost 2,8%, Pop.Emilia -2,3%. The Emilian institute, together with Ubi, is considered among the potential aggregator poles of the system after the asset quality review. Banco Popolare -2,09%. In the afternoon, CEO Pier Francesco Saviotti was seen entering the Mediobanca headquarters. Among the main banks, Intesa -1,9%, Unicredit -1,9%, MontePaschi -2,5%. Mediobanca -2,58%: the shareholders' agreement unanimously approved the candidates for the bank's board of directors to be submitted to the shareholders' meeting on 28 October. Widespread losses also for insurance and asset management: Generali -1,6%, UnipolSai -2,5%, Mediolanum -1,5%, Azimut -1,9%.
FIAT IN JUDGMENT IN BRUSSELS. PRYSMIAN CONFIRMS THE BUDGET
Spotlights turned on this morning on Fiat -1,68% awaiting the verdict from Brussels which today should pronounce itself on the tax investigation relating to the agreements between Fiat Finance and the Luxembourg tax authority. According to the Antitrust it would constitute state aid. Finmeccanica -0,6. The group contained the losses thanks to the focus on the tender for the transport division, namely Ansaldo Sts +0,28% and Breda: the offers from Hitachi and CNR-Insigma remain in the running, while the non-binding ones from Thales and Caf would have been discarded. StM unchanged. Prysmian slows down in the afternoon (+0,65%) after a brilliant start: CEO Battista confirmed the 2014 EBITDA target, between 506 and 556 million, in the Morgan Stanely conference.
DOWN UTILITIES, TLC AND YIYOLI OIL
Enel fell by 1,5%: according to rumors, the government has decided to proceed with the sale of a 4-5% package within the "privatization" project. Among the other utilities: A2A lost 2,1%, Atlantia was positive (+0,7%). Telecom Italia fell by 2,2%. Oil is down: Brent at 96,7 dollars a barrel (-0,3%), Wti at 93,6 dollars (unchanged). Eni posts a slight drop of 0,4% at the end of the year, Tenaris slides (-1,1%). Saras is down slightly to 0,795 euros. From the highs of early September to today, the stock has lost 17% of its value. At the same time, however, refining margins reached the maximum for the year favored by the fall in oil prices and the simultaneous strengthening of the US dollar.
GEFRAN AND FALCK FLY AMONG THE SMALLS
Among the mid caps, IGD -4,6% and Beni Stabili -3%, are paying for the start of the capital increase. Among the minor stocks, the following stand out with a performance against the trend: Gefran +8,5%, Digital Magics +3,2%, Energy Lab +2,5%, TE Wind +2,8%. Falck Renewables +3%. Piero Manzoni, the group's managing director, stated that the group should "confirm the forecasts for the end of 2014 which project an Ebitda of 130-135 million euros and the dividend is confirmed against the estimate, made in the business plan, of a pay out at 30%”.
